Garban Nine Month Revenue Slumps On Back Of Merger Related Expense
BROKERS
LONDON--Garban-Intercapital has reported a 44 per cent drop in pre-tax profits for the nine months to September 30, 1999.
The results were hit by reduced activity in spot FX although boosted by greater Eurobond and interest-rate swap business, according to the company.
"In addition to decreasing business in the spot market industry wide," says Mike Sheard, director of corporate affairs at Garban-Icap, "the introduction of the euro has meant the disappearance of a number of crosses which cut into
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